Nifty IT, an index that tracks the performance of the top 10 listed IT stocks in India, rose over 2 per cent in today’s (July 10) trading session after IT giant TCS kicked off the IT earnings season in India.
Nifty IT TodayAs of 1:20 pm, Nifty IT was up 1.8 per cent, or 487 points, at 27,958.30. The index hit an intraday high of 28,439.55, reflecting an upside of over 3.5 per cent from its previous close of 27,471.25.
Nifty IT Stocks: OFSS top gainer
Here’s how the IT stocks under the Nifty IT index performed:
Shares of OFSS rose 3.97 per cent to Rs 11,576.00, emerging as the top gainer among the listed IT stocks tracked.
Persistent Systems share price
Persistent Systems climbed 3.31 per cent to Rs 4,989.60, extending gains as midcap IT stocks attracted buying interest.
Mphasis advanced 2.83 per cent to Rs 2,325.40, outperforming several larger IT peers in the session.
Coforge gained 2.46 per cent to Rs 1,504.70, adding to the strength seen across mid-sized technology stocks.
LTIMindtree moved up 2.06 per cent to Rs 3,933.90, trading firmly higher with the broader IT sector.
Infosys rose 2.02 per cent to Rs 1,072.00, posting gains but trailing the stronger moves seen in midcap IT counters.
Tech Mahindra share price
Midcap IT stocks outperform large-cap peers
Midcap IT stocks outperform the broader tech pack as investors favour growth plays
Midcap IT stocks outperformed larger peers on Friday, with companies such as OFSS, Persistent Systems, Mphasis and Coforge leading gains, while heavyweight IT firms posted more moderate advances. The broader IT pack traded higher as investors showed stronger interest in mid-sized technology firms.
TCS Q1 results boost sentiment across IT stocks
The index’s positive movement was supported by TCS’s strong earnings performance in the previous session. The IT company reported a 5 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 13,349 crore for the first quarter.
The company’s revenue from operations for the quarter ended June 30 increased by 14 per cent YoY to Rs 72,275 crore.
On the order book front, the company reported a total order book of USD 9.5 billion for the quarter. This included an USD 800 million AI-led transformation deal with SKF, a multi-million-dollar strategic partnership with ServiceNow, and another multi-million-dollar deal with a Europe-based Fortune Global 50 company.
TCS interim dividend
Additionally, the company announced an interim dividend of Rs 12 per share for the financial year FY27 and fixed July 15 as the record date.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
